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Thread: Mortgage renewal time!

  1. #1
    03svt
    Guest

    Mortgage renewal time!

    Mortgage is up in May, Td called yesterday to remind me and shoot me the first offer.

    I feel best with locked in, just peace of mind to help me sleep at night.

    Was offered 3.49 for 5yrs, the woman at TD mentioned if I find a better rate they will beat it.

    Anyone else shopping around right now?

  2. #2
    Member Mellow Yellow's Avatar
    Join Date
    Mar 2014
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    Stoney Point
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    1,063
    Just finished renewing mine a few months ago. Stayed with the same credit union, because rate was good and changing financial institutions is a PITA! Legal fees etc.
    Had to have appraisal done, but was painless and came out higher than I expected.

    Rate was 3.1 for 5 year term.

    Might want to shop to see if you can trim that rate...although there is upward pressure on the interest rates right now.

  3. #3
    Club Supporter
    Join Date
    Mar 2014
    Location
    Bolton
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    7,564
    I have to get on this as well - got my renewal letter/offer (one of the Big 6 banks) a little while back and haven't done much on it yet and the clock is ticking. The offer ranged from 2-year @ 3.09% to 5-year @ 3.44% for Fixed Closed, and a 5-year @ 2.9% for Variable. The rates are supposed to include a "Loyalty Discount" but I haven't contacted them to try and negotiate as yet.

    My options are limited though as I need to have US banking available as well. I think that's limited to RBC, BMO (maybe), and TD for cross-border stuff.
    Last edited by 92redragtop; 02-07-2018 at 05:21 PM.

  4. #4
    WTF
    Guest
    last week I was yakking with a young 30 year old at my office building who just closed on a place in north Oshawa

    first time buyer with his wife

    525k for a 1950s 1.5 storey on a 50ft lot fyi

    he mentioned he was all about sleeping at night with a fixed rate and said he got 2.9% for 5 years

    so shop that rate you got quoted

  5. #5
    Member
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    Mar 2014
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    Burlington!
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    1,020
    I just got 3.14% fixed for 5 years from TD.

  6. #6
    01CobraVert
    Guest
    try mortgage brokers will likely beat major banks and money still comes from bank
    also get rates from other banks
    banks will often offer a better rate to take business away from an existing bank, then go back to original bank and ask for .1% less than best offer
    the bank mortgage people that travel around selling mortgages have better rates and conditions than the branch staff
    if you get a very bank rep they will help move your deal to another rep to save you money

  7. #7
    03svt
    Guest
    Great info guys.. I’ll post what I can come up with, sucks going from the 2.59 that I’ve had for the last 5!

  8. #8
    Superseven
    Guest
    Maybe try RMG. They offered 2.90 fixed for 5. I was a returning customer but seemed to be their standard rate.


    Sent from my iPhone using Tapatalk

  9. #9
    Admin ZR's Avatar
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    Mar 2014
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    Toronto, On
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    36,227
    If your in good financial shape, have decent equity in your home, push em hard. If bank 1 won't play ball, move onto someone that will. My last term is up this year, took threatening to put balance of my mort on a credit card then shop on their dime for 30 days to get rate I wanted. Don't be afraid to offer up what your willing to pay.

  10. #10
    Performance Redefined OneQwkStang's Avatar
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    Mar 2014
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    Greater Toronto Area
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    2.121 to 3.26 =(

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